Group 3 Gasoline Falls Seventh Consecutive Day to Record LowDan Murtaugh
Midwest gasoline fell for the seventh consecutive day, reaching a record low as refineries process crude at record rates for this time of year.
Conventional, 85-octane gasoline in the Mid-continent, or Group 3 market fell 2 cents a gallon to 45.5 cents below futures on the New York Mercantile Exchange at 4:21 p.m., the largest discount since at least 1990, according to data compiled by Bloomberg.
CBOB in Chicago increased 7.5 cents to a 42.5-cent discount, after sinking yesterday to a 21-month low.
Midwest refineries processed 3.62 million barrels of crude a day in the week ended Nov. 22, the highest seasonal level in Energy Information Administration data going back to 1992.
The 3-2-1 crack spread in Group 3, a rough measure of refining margins based on West Texas Intermediate in Cushing, Oklahoma, declined by $1.51 a barrel to $9.31.
Group 3 covers the area north of Tulsa, Oklahoma, to Minnesota and North Dakota. Ultra low sulfur diesel in the region fell 1.5 cents to a discount of 7.75 cents a gallon against Nymex futures, the lowest level since Oct. 23.